The novelist Karen Russell shares her thoughts on budgeting, motherhood, and writing in this piece.
Culture
Netflix and spiral…
Do rejection and the idea that are only a ~so many~ artistic opportunities get you down? Same, which is why I love this piece from The Creative Independent on conquering a scarcity mindset.
I highly recommend reading Tavi Gevinson’s essay on Britney Spears and how the narrative devices used in Framing Britney Spears fail to tell the whole story.
Why are people with obesity being Twitter-shamed for getting the vaccine? This piece offers an excellent explanation of BMI, fatphobia, and why shaming people with obesity for getting vaccinated is really missing the point.
Recommendations
Let me influence you…
Tracking your net worth is one of the easiest ways to level up your finances! Personal Capital makes tracking your net worth easy and spreadsheet-free.
The average person spends $100 on subscriptions without even knowing it! Trim works to cancel your unused subscriptions, negotiate your bills, and save you $$$.
If you’re dealing with credit card debt, check out Tally! Tally makes it easy to save money, manage your cards and pay down balances faster.
Until next week,
Scarlett
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P.P.S. LITERALLY BROKE DOES NOT GUARANTEE ANY RESULTS FROM USING THIS CONTENT AND IS FOR EDUCATIONAL PURPOSES ONLY. IT IS YOUR RESPONSIBILITY TO DO YOUR OWN RESEARCH, CONSULT, AND OBTAIN A FINANCIAL PROFESSIONAL OR OTHER HELP THAT YOU MAY NEED FOR YOUR SITUATION.
Friend of the blog Alyssa Daviespenned this piece about using her side hustle to buy her first home for our friend Daniella’s blog, I Like to Dabble. So many friends, so many blogs…
The American prison system relies on debt. Here’s how.
If I could go back in time, I would 100% use Tally to help me consolidate and pay off credit card debt.
Although Wealthsimple once rejected me from a job (I swear I’m not bitter), they’re one of my favorite Robo-advisors, an automated financial advisor that makes investing easy as can be.
I’m obsessed with Public.com, a brokerage that doubles as a social media platform. They recently ditched their clearing house (the people who stopped allowing trades during the GameStop debacle) to create a more equitable and conflict-free platform. Use my link to join and get up to $50 in free stock.
P.S. THIS POST MAY CONTAIN AFFILIATE LINKS. WE ONLY RECOMMEND PRODUCTS WE KNOW AND LOVE.
P.P.S. LITERALLY BROKE DOES NOT GUARANTEE ANY RESULTS FROM USING THIS CONTENT AND IS FOR EDUCATIONAL PURPOSES ONLY. IT IS YOUR RESPONSIBILITY TO DO YOUR OWN RESEARCH, CONSULT, AND OBTAIN A FINANCIAL PROFESSIONAL OR OTHER HELP THAT YOU MAY NEED FOR YOUR SITUATION.
Layaway has gotten a millennial makeover with buy now pay later companies like Affirm, Afterpay, and Klarna. Here’s what you need to know before you commit to financing your next purchase.
Many of the visual artists I speak with are underpricing their work. This guide will help you charge what you’re worth.
P.S. THIS POST MAY CONTAIN AFFILIATE LINKS. WE ONLY RECOMMEND PRODUCTS WE KNOW AND LOVE.
P.P.S. LITERALLY BROKE DOES NOT GUARANTEE ANY RESULTS FROM USING THIS CONTENT AND IS FOR EDUCATIONAL PURPOSES ONLY. IT IS YOUR RESPONSIBILITY TO DO YOUR OWN RESEARCH, CONSULT, AND OBTAIN A FINANCIAL PROFESSIONAL OR OTHER HELP THAT YOU MAY NEED FOR YOUR SITUATION.
Rakuten is a life-saver! Last night I signed up for a Winc wine membership, and after using a promo code + Rakuten’s cashback, four bottles of wine came out to just $32!
P.S. THIS POST MAY CONTAIN AFFILIATE LINKS. WE ONLY RECOMMEND PRODUCTS WE KNOW AND LOVE.
P.P.S. LITERALLY BROKE DOES NOT GUARANTEE ANY RESULTS FROM USING THIS CONTENT AND IS FOR EDUCATIONAL PURPOSES ONLY. IT IS YOUR RESPONSIBILITY TO DO YOUR OWN RESEARCH, CONSULT, AND OBTAIN A FINANCIAL PROFESSIONAL OR OTHER HELP THAT YOU MAY NEED FOR YOUR SITUATION.
Okay, so listen, I have a BFA in playwriting and social and cultural analysis. I’m not about to explain what a short squeeze is (though I have a Bachelor analogy I’m fine-tuning). Check out this tweet thread for a breakdown:
While I look forward to the movie adaptation of this week’s events, people need to stop framing this as a story of the poor versus the rich.
Those who got rich last week were already rich. The bottom line is that you have 50k to invest in speculative stocks, you’re hardly living in poverty.
“But Scarlett, one guy sold his car and said he never had more than 9k in his checking account.”
I have three issues with anecdotes like these:
When people say things like this is the “poor vs. the rich,” it implies that the people who made money this week are poor. There is no data to back that up, and a quick look at the WallStreetBets forum demonstrates that the majority of the people squeezing GameStop had both time and capital.
The idea that the poor got rich through WallStreetBets lends itself to the narrative that poverty can be alleviated through the stock market.
This false sense of progress can be damaging on an individual level because it might encourage financially marginalized people to invest their money in speculative stocks, which are risky and proven to be less effective than investing in low-cost index funds and tax-advantaged retirement vehicles.
I’m happy that people are suddenly taking an interest in personal finance and investing. But I worry that those looking to build wealth will quickly give up once they realize that the surest way tobecome a millionaire is to invest $500 a month and wait forty years.
I’ve shared my favorite personal finance books so many times. I don’t just do this for the affiliate money (ten cents, get @ me). I do it because no one is ever, ever going to care about your financial health as much as you do.
If you want to start investing with long-term wealth building in mind, I recommend the following steps:
Pay off all high-interest debt. I personally consider anything above 5% high-interest, but some people use 7%. You do you on this one.
Add three months of saved expenses to your emergency fund.
Read Broke Millennial Takes on Investing + begin investing as much as you can in a tax-advantaged retirement account like a 401k (with a match), Roth IRA, or SEP-IRA if you’re self-employed.
“But the bad guys.”
Regarding the hedge funds, yeah, they suck. We’ve all known this. But they’ll be fine. The fact is that when you’re a billionaire, your investments are compounding at a rate that practically guarantees you’re going to keep being a billionaire. Also, they can write these losses off as Capital Losses come tax time.
And yes, Robinhood is the worst. Nothing new there. A great alternative is Public, a brokerage I’ve been working with since October. They’ve invested a ton in making a diverse and accessible investing platform. And if you use my link, you’ll get $15 in free stock :)
But again, please don’t invest anything other than “fun money” in speculative + individual stocks.
In Conclusion
The not-so-newsworthy-headline here is this: the most accessible and secure way for Americans like you and me to build wealth is through long-term investing.
What are your thoughts on this week’s events? Let me know, and if you liked this special edition of The Epistolary, share it with a friend!
P.S. Literally Broke does not guarantee any results from using this content and is for educational purposes only. It is your responsibility to do your own research, consult, and obtain financial professional or other help that you may need for your situation.
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